Nvidia, AMD to Resume China AI Chip Sales Amid Shifting US Trade Policy

Nvidia and AMD Resuming China AI Chip Sales

• 💡 Nvidia announced plans to resume sales of its H20 AI chip in China, a move that could add billions to its revenue this year.
• 🚀 This U-turn reverses a previous export restriction implemented in April, allowing Nvidia to fulfill orders previously considered lost.
• 📈 The decision comes as Nvidia's CEO, Jensen Huang, is in China for a supply chain conference.

EU Countermeasures Against US Tariffs

• 🇪🇺 The European Union has finalized a list of countermeasures targeting $84 billion worth of U.S. goods.
• 🎯 These countermeasures include American cars, bourbon whiskey, and Boeing aircraft, in response to Donald Trump's tariff policies.
• ⚠️ EU officials stated that Trump's tariffs, set to take effect August 1st, would be prohibitively impactful on transatlantic trade.

US Bank Earnings and Market Performance

• 🏦 Major banks including J.P. Morgan Chase, Wells Fargo, and Citigroup are set to report earnings.
• 💰 Investors anticipate strong performance driven by expected M&A deals and sustained net interest income due to high interest rates.
• 📊 BlackRock reported significant inflows, pulling in $46 billion and reaching a record $12.5 trillion in assets under management.

Speculation on Next Fed Chair and Tariffs

• 🧐 Speculation is mounting over who will succeed Jay Powell as Fed chair, with White House economic adviser Kevin Hassett reportedly emerging as a leading contender.
• 📉 Hassett is seen as potentially more responsive to lowering interest rates, a priority for President Trump.
• 🇷🇺 President Trump is threatening severe tariffs, potentially at 100%, on Russia if a deal regarding its war in Ukraine is not reached within 50 days, specifically targeting countries doing business with Russia.
• 🇺🇦 The US is also supplying advanced weapons to Ukraine, with NATO member states contributing to military needs.